Pressure Vessel Composite Materials Market Forecasts to 2030 – Global Analysis By Material (Carbon Fiber Reinforced Polymer (CFRP), Glass Fiber Reinforced Polymer (GFRP), Aramid Fiber Reinforced Polymer (AFRP) and Other Materials), Resin Type, Matrix Type

Pressure Vessel Composite Materials Market Forecasts to 2030 – Global Analysis By Material (Carbon Fiber Reinforced Polymer (CFRP), Glass Fiber Reinforced Polymer (GFRP), Aramid Fiber Reinforced Polymer (AFRP) and Other Materials), Resin Type, Matrix Type, Application, End User and By Geography


According to Stratistics MRC, the Global Pressure Vessel Composite Materials Market is accounted for $53.49 billion in 2023 and is expected to reach $83.13 billion by 2030 growing at a CAGR of 6.5% during the forecast period. Pressure vessel composite materials play a pivotal role in modern engineering by providing lightweight yet durable solutions for containing high-pressure substances. Their significance lies in enhancing structural integrity, minimizing weight, and resisting corrosion, crucial for applications in aerospace, oil and gas, and renewable energy. These advanced materials contribute to improved fuel efficiency, reduced environmental impact, and increased safety standards.

According to the International Council of Chemical Associations (ICCA), the chemical industry was valued at US$ 5.7 trillion in 2019, which was equivalent to a 7% share in the global GDP.

Market Dynamics:

Driver:

Growing end-use industries

End-use industries such as aerospace, automotive, and energy demand lightweight, high-strength materials for applications like fuel storage, transportation, and renewable energy. Composite materials offer advantages such as corrosion resistance, durability, and reduced maintenance costs, driving their adoption in pressure vessel manufacturing. Additionally, advancements in composite technology, including improved manufacturing processes and material formulations, further stimulate market growth.

Restraint:

Limited standardization

Limited standardization in pressure vessel composite materials arises due to the diverse applications and complex performance requirements across industries. Unlike traditional materials, composites offer a wide range of customization options, making it challenging to establish universal standards. This lack of standardization hampers market growth by impeding interoperability, increasing development costs, and hindering regulatory compliance.

Opportunity:

Escalating technological advancements

Escalating technological advancements in pressure vessel composite materials enhances material performance, manufacturing efficiency, and product innovation. Advances such as nanotechnology, additive manufacturing, and novel resin systems enable the development of composite materials with superior strength, durability, and lightweight properties. Additionally, technological progress facilitates cost reduction, scalability, and environmental sustainability, making composite materials increasingly competitive compared to traditional alternatives, thus stimulating further market growth and adoption.

Threat:

High initial costs

Pressure vessel composite materials incur high initial costs primarily due to the expenses associated with advanced raw materials, specialized manufacturing processes, and stringent quality control measures. Additionally, the need for research and development to optimize composite formulations and manufacturing techniques contributes to the initial investment. These high costs hinder market growth by limiting affordability and competitiveness compared to traditional materials.

Covid-19 Impact

The covid-19 pandemic initially disrupted the pressure vessel composite materials market due to supply chain disruptions, reduced industrial activities, and project delays in sectors like aerospace and automotive. However, as economies gradually reopened and industries resumed operations, the market witnessed recovery driven by increasing investments in renewable energy projects, particularly in wind and solar power. The pandemic also highlighted the importance of lightweight, durable materials like composites for applications such as medical oxygen storage, driving further demand.

The epoxy segment is expected to be the largest during the forecast period

The epoxy segment is estimated to have a lucrative growth, due to its excellent mechanical properties, chemical resistance, and adhesion characteristics. It offers high strength-to-weight ratios, making it ideal for applications requiring lightweight yet durable pressure vessels. Epoxy resin systems also provide versatility in fabrication processes, allowing for complex shapes and designs. Overall, these characteristics make epoxy resin an ideal choice for pressure vessel applications, ensuring durability, safety, and efficiency.

The storage vessels segment is expected to have the highest CAGR during the forecast period

The storage vessels segment is anticipated to witness the highest CAGR growth during the forecast period, due to their unique properties. These materials offer lightweight yet robust solutions for storing various substances, including gases, liquids, and chemicals. Composite storage vessels are corrosion-resistant, ensuring long-term durability and minimizing maintenance requirements. Additionally, their high strength-to-weight ratio allows for greater storage capacity without compromising structural integrity.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rapid industrialization, infrastructural development, and increasing investments in renewable energy projects. Countries like China, India, Japan, and South Korea are leading contributors to market expansion due to their expanding aerospace, automotive, and energy sectors. Additionally, supportive government initiatives promoting the adoption of lightweight and high-performance materials further propel market growth.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. Europe is experiencing steady growth attributed to the region's emphasis on sustainability, stringent regulations, and growing demand from end-use industries such as automotive, aerospace, and energy. European countries like Germany, France, and the United Kingdom are key players in the market, driven by their advanced manufacturing capabilities and investments in research and development. Additionally, increasing focus on reducing carbon emissions and promoting renewable energy sources further fuels the adoption of composite materials in pressure vessel applications.

Key players in the market

Some of the key players profiled in the Pressure Vessel Composite Materials Market include Bharat Heavy Electricals Limited, Doosan Heavy Industries & Construction, The 3M Company, BASF SE, Huntsman Corporation, Kolon Industries Inc, Mitsubishi Chemical Holdings Corporation, Solvay SA, Zoltek Corporation, Steelhead Composites Inc, Hexion Inc, Olin Corporation, Larsen & Toubro Limited, Samuel CNG Pressure Vessel Group, IHI Corporation, General Electric and Westinghouse Electric Company LLC.

Key Developments:

In August 2018, The Institute for Advanced Composites Manufacturing Innovation (IACMI) announced a project to develop Smart Composite Pressure Vessels (SCPV) with integrated health monitoring. The project is led by Steelhead Composites LLC, with the project team including Teijin Carbon, Oak Ridge National Laboratory and the University of Tennessee. Steelhead Composites will utilize ORNL’s composite processing experience to optimize monitoring procedures in the vessel assembly. This validated technology can then be used to lower the cost of adopting composite pressure vessels in fuel cell cars and other applications in transportation markets.

Materials Covered:
• Carbon Fiber Reinforced Polymer (CFRP)
• Glass Fiber Reinforced Polymer (GFRP)
• Aramid Fiber Reinforced Polymer (AFRP)
• Other Materials

Resin Types Covered:
• Epoxy
• Polyester
• Vinyl Ester
• Phenolic
• Polyurethane
• Other Resin Types

Matrix Types Covered:
• Polymer Matrix Composites (PMC)
• Metal Matrix Composites (MMC)
• Ceramic Matrix Composites (CMC)

Applications Covered:
• Storage Vessels
• Transportation Vessels
• Process Vessels
• Other Applications

End Users Covered:
• Oil & Gas Industry
• Chemical Industry
• Aerospace Industry
• Automotive Industry
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements


1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Pressure Vessel Composite Materials Market, By Material
5.1 Introduction
5.2 Carbon Fiber Reinforced Polymer (CFRP)
5.3 Glass Fiber Reinforced Polymer (GFRP)
5.4 Aramid Fiber Reinforced Polymer (AFRP)
5.5 Other Materials
6 Global Pressure Vessel Composite Materials Market, By Resin Type
6.1 Introduction
6.2 Epoxy
6.3 Polyester
6.4 Vinyl Ester
6.5 Phenolic
6.6 Polyurethane
6.7 Other Resin Types
7 Global Pressure Vessel Composite Materials Market, By Matrix Type
7.1 Introduction
7.2 Polymer Matrix Composites (PMC)
7.3 Metal Matrix Composites (MMC)
7.4 Ceramic Matrix Composites (CMC)
8 Global Pressure Vessel Composite Materials Market, By Application
8.1 Introduction
8.2 Storage Vessels
8.3 Transportation Vessels
8.4 Process Vessels
8.5 Other Applications
9 Global Pressure Vessel Composite Materials Market, By End User
9.1 Introduction
9.2 Oil & Gas Industry
9.3 Chemical Industry
9.4 Aerospace Industry
9.5 Automotive Industry
9.6 Other End Users
10 Global Pressure Vessel Composite Materials Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Bharat Heavy Electricals Limited
12.2 Doosan Heavy Industries & Construction
12.3 The 3M Company
12.4 BASF SE
12.5 Huntsman Corporation
12.6 Kolon Industries Inc
12.7 Mitsubishi Chemical Holdings Corporation
12.8 Solvay SA
12.9 Zoltek Corporation
12.10 Steelhead Composites Inc
12.11 Hexion Inc
12.12 Olin Corporation
12.13 Larsen & Toubro Limited
12.14 Samuel CNG Pressure Vessel Group
12.15 IHI Corporation
12.16 General Electric
12.17 Westinghouse Electric Company LLC
List of Tables
Table 1 Global Pressure Vessel Composite Materials Market Outlook, By Region (2021-2030) ($MN)
Table 2 Global Pressure Vessel Composite Materials Market Outlook, By Material (2021-2030) ($MN)
Table 3 Global Pressure Vessel Composite Materials Market Outlook, By Carbon Fiber Reinforced Polymer (CFRP) (2021-2030) ($MN)
Table 4 Global Pressure Vessel Composite Materials Market Outlook, By Glass Fiber Reinforced Polymer (GFRP) (2021-2030) ($MN)
Table 5 Global Pressure Vessel Composite Materials Market Outlook, By Aramid Fiber Reinforced Polymer (AFRP) (2021-2030) ($MN)
Table 6 Global Pressure Vessel Composite Materials Market Outlook, By Other Materials (2021-2030) ($MN)
Table 7 Global Pressure Vessel Composite Materials Market Outlook, By Resin Type (2021-2030) ($MN)
Table 8 Global Pressure Vessel Composite Materials Market Outlook, By Epoxy (2021-2030) ($MN)
Table 9 Global Pressure Vessel Composite Materials Market Outlook, By Polyester (2021-2030) ($MN)
Table 10 Global Pressure Vessel Composite Materials Market Outlook, By Vinyl Ester (2021-2030) ($MN)
Table 11 Global Pressure Vessel Composite Materials Market Outlook, By Phenolic (2021-2030) ($MN)
Table 12 Global Pressure Vessel Composite Materials Market Outlook, By Polyurethane (2021-2030) ($MN)
Table 13 Global Pressure Vessel Composite Materials Market Outlook, By Other Resin Types (2021-2030) ($MN)
Table 14 Global Pressure Vessel Composite Materials Market Outlook, By Matrix Type (2021-2030) ($MN)
Table 15 Global Pressure Vessel Composite Materials Market Outlook, By Polymer Matrix Composites (PMC) (2021-2030) ($MN)
Table 16 Global Pressure Vessel Composite Materials Market Outlook, By Metal Matrix Composites (MMC) (2021-2030) ($MN)
Table 17 Global Pressure Vessel Composite Materials Market Outlook, By Ceramic Matrix Composites (CMC) (2021-2030) ($MN)
Table 18 Global Pressure Vessel Composite Materials Market Outlook, By Application (2021-2030) ($MN)
Table 19 Global Pressure Vessel Composite Materials Market Outlook, By Storage Vessels (2021-2030) ($MN)
Table 20 Global Pressure Vessel Composite Materials Market Outlook, By Transportation Vessels (2021-2030) ($MN)
Table 21 Global Pressure Vessel Composite Materials Market Outlook, By Process Vessels (2021-2030) ($MN)
Table 22 Global Pressure Vessel Composite Materials Market Outlook, By Other Applications (2021-2030) ($MN)
Table 23 Global Pressure Vessel Composite Materials Market Outlook, By End User (2021-2030) ($MN)
Table 24 Global Pressure Vessel Composite Materials Market Outlook, By Oil & Gas Industry (2021-2030) ($MN)
Table 25 Global Pressure Vessel Composite Materials Market Outlook, By Chemical Industry (2021-2030) ($MN)
Table 26 Global Pressure Vessel Composite Materials Market Outlook, By Aerospace Industry (2021-2030) ($MN)
Table 27 Global Pressure Vessel Composite Materials Market Outlook, By Automotive Industry (2021-2030) ($MN)
Table 28 Global Pressure Vessel Composite Materials Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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